Boy, I leave for a week and the market just dies! (Was it something I said?)
Kidding aside, I’m not certain the market is doing anything other than moving sideways. Sure, Friday was rough, but within the larger picture, the Dow is right in the middle of a trading range established early this year. Personally, I’m viewing it as the start of a buying opportunity.
Speaking of buying, let’s look at 2 stocks I started acquiring the past few days. The first is bank of America (BAC). I figure as long as my ATM there works, they’ll be in business. Besides, it’s down pretty good so far, so I started inching in. It certainly can drop more, and in that case, I’ll buy more!
The other stock is also one I like: Netflix (NFLX). I love their streaming service and really haven’t found a better offering. Of course, being down more than 40% since the ’12 high means I can pick up a favorite while it’s on sale.
Remember, though, that on any of these picks I don’t go all in at once. In fact, I’m fully prepared for further declines, so I keep plenty of powder ready to do more buying at lower levels.
Gary B. Smith joined FOX News Channel in 1999 and is currently a regular commentator on "Bulls & Bears," including his own segment called, "The Chartman."